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Shares of One97 Communications Ltd. fell to its lowest since listing as unabated selling continued, led by pre-IPO investors.
As per SEBI, a one-year lock-in period is necessary for pre-IPO investors, post listing of the shares on the bourses. This expired on Nov. 15, releasing approximately 86% of the company’s shares for trading.
Several marquee investors, such as Japan’s SoftBank and Societe Generale, have cut their holdings in the Vijay Shekhar Sharma-led firm since the lock-in expired.
Shares of the company slid as much as 10% to Rs 483.2 apiece, a far cry from its IPO price of Rs 2,150.
The company’s market capitalisation has also tanked from Rs 1.15 lakh crore a year ago to below Rs 33,000 crore.
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